Three in 10 people in their 20s have no savings, finds poll

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21st May 2019 14:31 - Financial Services

Three in 10 people in their 20s have no savings: A survey asking young people about their finances has found 30% have no savings, while just under two thirds (65%) have less than £500.

The poll, a joint venture between HuffPost UK and BBC Radio 5 Live questioned over 1,000 young people aged 20-29 years. It found almost half of those surveyed said that their financial worries were more detrimental to their mental health than self-esteem concerns (49%) body images pressures (47%) and pressures at work (37%).

Asked about their lives in comparison to their parents’, almost six in 10 (59%) said they believe their life is harder than it was for their parent's at their age.

For many young people, owning a home of their own is simply out of reachy in their 20s, with just 19% saying they had a mortgage. Many even had doubts about ever being able to afford their own place with just 28% saying they believe they will be able to own a property in the future.

Over half the respondents polled (54%) said they would be open to paying more money in tax to help the NHS, while 30% said they would pay more to improve schools and 28% to help the environment.

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